"But did his former colleagues on the listed small-cap Bid Energy board know they would be walking into such a fireworks display when they turfed him as chairman late last month?
Since his departure, Baillieu has hit the directors with a formal notice he intends to sue for alleged breach of their board duties." SMH
This has now turned serious. As a lawsuit seems imminent, and is someting BID needs like a hole in the head, I have altered my sentiment from "none" to "sell". In my last post, I mused that this eventuation looked likely, now it looks certain- and soon.
What would a settlement even look like? JB returns to the Chair? Impossible. Board stands down? Unlikely. Just not sure how this could pan out. Looks messy.
On a total side note, and only to entertain
@growler1969 's interest (I thought we were talking about BID??), my family was into ACX long before the IPO, when the shares were first floated in 2000 by the dynamic duo, Leigh Jasper and Rob Philpot, at 10 cents. They had a great idea about a new way to sell cement (true) and raised some seed capital by going to family, friends and aquaintances. This gradually evolved into the Aconex construction platform. We were actually selling into the IPO at $1.90, but were fortunate that we were limited to 20%, as 80% of initial shareholdings were held in escrow until after the half yearly. Lucky that! More on this in this thread from hot copper
https://hotcopper.com.au/threads/postscript.4113541/ which was a sort of postscript to the whole adventure.
Yes, you are quite right here. We were finally paid $7.80 per share for our shares by Oracle. As I say in the HC post above this was a 7,790% gain. Not that we were satisfied. We were holding out for $10 or even $20. Still, a 7,790% gain is better than a kick in the pants! The $4.70 figure was, I think, a point where I added a handfull of shares for fun along the way through my SMSF. It was also the cost of posting on the run yesterday morning. I'll do better going forward!
On the profitability of Aconex- in its final H1 Report (FY18), it's 6 month EBITDA was $9.1m up 23% yoy. See:
https://hotcopper.com.au/threads/ann-aconex-1h-fy18-results-announcement.4028536/?post_id=31178407
Still don't know why you are asking about ACX, but I can still talk about it till the cows come home! 7,790%. Truly amazing. From memory, it came out as 24% per year compounding, for every year we held. So ask away!
Re BID- not so sanguine now. I do not think JB will stop, and the media love this sort of thing. Tested .95 again today.
